I just skimmed through the blog post and one of the items on the list said to update a current template and post it in your description. I thought about asking this a while back but thought I would wait and let the site age a bit before asking. Can we updates themes with somewhat big changes and release it as a ver. 2 etc.? This has been done for quite some time on Flashden and has proven successful for many. People ask for requests to themes but I’m not going to make changes to a current template without being able to re-release it.
That’s what I did! I made the older version simple and added many advanced option on my second, which made more sales.
Well, I think if it’s significantly updated nothing can stop you.
Thanks for the comments and ne-design I had no idea that someone had already done it, very nice. Jeffrey if you would comment on this simply for clarification…thanks!
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Yes guys, version 2’s are allowed but it needs to be enough of a change to consider it a completely different theme.
Look at it this way, it needs to be different enough that buyers of your first theme would want to buy the second one (this is not a rule, this is just an easier way to put it in perspective).
If you upload a version 2 that has nothing more than a different font color and a changed banner, that will probably get rejected. But lets say your first upload was static, and this new version contains jquery, new sub-pages, new layout options, etc.
I’ll let Jeffrey comment some more. 
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Hi everyone. Sorry for the delay. Mark pretty much summed it up. You have to give us reason to approve a second version.
Otherwise, just update your original theme with the new files.